研報掘金丨東吳證券:維持寧德時代“買入”評級,目標價440元
東吳證券研報指出,寧德時代25Q2歸母利潤略超預期,淨利率再提升,龍頭恒強。Q2匯兑收益貢獻明顯,庫存商品增加。Q2該行測算匯兑收益15億元+,較25Q1增加9億元,主要受益於歐元升值。動力端,公司國內份額維持42-45%,歐洲份額提升5pct至43%;儲能端,新興市場放量+技術授權+海外產能建設,對沖美國政策影響。測算對應單wh利潤0.085元/wh,公司預計25H1儲能國內外市場各佔50%,美國市場佔比已降至20-30%,OBBB影響可控。考慮到公司為全球動力電池龍頭,該行給予25年25xPE,對應目標價440元,維持“買入”評級。
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